2022-049 - Consider Amending the PEDC Bylaws Making Other Fiindings and Provisios Related to the Subject and Declariing an Effective Date

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5. The Board shall expend, in accordance with State IaA The Development Corporation Act of 1979. Type A Economic Development Corporation, the tax funds received by it on direct economic development where such expenditures will have a direct benefit to the citizens of Paris, Lamar County, Texas. As used in this section, "direct economic development" shall mean the expenditure of such tax funds for programs that directly accomplish or aid in the accomplishment of creating identifiable new jobs or retaining identifiable existing jobs, including job training or planning and research activities necessary to promote said new job creation. The Corporation be shall direct its focus primarily in the areas of- a. £ a. Business retention and expansion b. Formation of new business C. Business attraction 6. The Board shall develop qualification parameters for the evaluation of economic development projects prior to accepting funding requests. These parameters for evaluating funding requests may be amended from time to time. 7. The Corporation shall make an annual report to the City Council on or before Febrbiai:N, -V'March I` of each year. 8. The Board Chairman may designate one or more committees of Directors, each consisting of two or more Directors. The committees may be formed to study certain projects or proposals before the Board and to report their findings and/or recommendations back to the entire Board as directed by the Board Chairman. Section 4.04 Implied Duties. The Board is authorized to do that which the Board deems desirable to accomplish any of the purposes or duties set out or alluded to in Section 4.03 of these Bylaws and in accordance with State law. Section 4.05 Tenure. The term of office for each Director shall be three (3) years and shall be limited to two (2) consecutive full terms. The number of Directors shall be seven (7). The City shall appoint the Directors at the second City Council meeting in June of each year with all terms beginning on July 1 and ending on June 30 of each year. The City Council may appoint new members to the Board to a shorter term (less than 3 years) as necessary to ensure staggered terms on the Board. Section 4.06 Vacancies. Any vacancy occurring on the Board shall be filled by appointment by the City Council to the unexpired term of the vacated position. The resigning Board member may continue to serve until their replacement is appointed and sworn in. Section 4.07 Quorum. A majority of the voting members of the Board shall constitute a quorum. The act or vote of a majority of the voting Directors present at a meeting at which a quorum is present shall be the act or vote of the Board unless the act or votes of a greater number is required by the Bylaws. BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 8-10-2020